LONDON: The Board of Tritax EuroBox, which invests in Continental European logistics real estate assets, has acquired two recently developed prime logistics properties and development land, positioned in the core logistics location of Strykow, near Lodz in Central Poland for €51.8 million (Phase I) with the potential to invest a further €15.0 million developing the adjacent Phase II land.
Following the acquisition of the Castorama logistics facility in April last year, this off-market investment increases Tritax EuroBox’s presence in Strykow, which is one of Poland’s largest logistics markets and a key logistics hub in the Central and Eastern European region.
Strykow is close to the A1/A2 road intersection allowing access to Poland’s main arterial roads. The location has seen rapid take up in the last five years by numerous blue-chip tenants. This asset offers scope for income growth off a low base and value enhancement through identified asset management opportunities.
Nick Preston, Fund Manager of Tritax EuroBox, commented: “We are delighted to announce the twelfth investment for Tritax EuroBox plc, bringing the total amount invested to over €784.1 million and the Company’s LTV to 43%, close to the target level of 45%. The off-market acquisition of these newly developed, high specification assets situated in a prime logistics location at Strykow in Poland, is at an attractive and accretive yield.
We are confident of delivering the identified asset management plan that is expected to provide further value from these assets, capitalising on this established logistics location with strengthening supply/demand fundamentals, excellent transport links and a robust labour market. Together, this will further support the Company’s delivery of secure long-term income to shareholders and an attractive total return.”
Edited by Nayyar Iqbal